What Waystar's FY2025 10-K says: 11 signals
Waystar filed its latest 10-K with the SEC on Feb 17, 2026. It discusses platform strategy, acquisition completed and capacity constraint.
Public (WAY)Software Development5,001 to 10,000 employeeswaystar.comLinkedIn
- Filed
- Feb 17, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What Waystar's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 11 signals
Target clients face severe staffing shortages, with 63% of revenue cycle teams understaffed
Waystar's target market is experiencing a critical labor shortage and rising costs, with hospital labor expenses increasing by $51 billion year-over-year.
$51B
Increase in hospital labor costs from 2023 to 2024
63%
of revenue cycle leaders who say their teams are understaffed
Waystar embeds its "AltitudeAI" engine, using Google's Gemini, across its product suite
Waystar is differentiating its platform with a proprietary AI engine that uses a multi-modal approach including machine learning and LLMs like Google's Gemini.
$2,400B
gross claims processed annually
AImachine learninglarge language modelsgenerative AI
Healthcare providers spend $20B annually contesting denied claims, a major inefficiency
Waystar's potential customers are facing significant financial drain from operational inefficiencies, spending approximately $20 billion per year just to contest denied claims.
$20B
Annual spend by healthcare providers to contest denied claims
25%
of revenue cycle management spend dedicated to error correction, compliance, and rework
Waystar targets growth in $20B TAM, citing low market share of 4% in hospitals and 8% in ambulatory
The company aims to capture share by expanding solution adoption with its 30,000+ clients and acquiring new ones.
$20B
Total Addressable Market (TAM) in 2025
4%
market share in hospital segment
Target market is burdened by antiquated legacy systems, data silos, and manual processes
Waystar's core value proposition is addressing the pain points caused by slow digital adoption in healthcare, which has resulted in a 'patchwork of disparate point-solutions'.
cloud
Waystar's growth strategy targets providers' high administrative costs and legacy systems
Waystar's strategy is predicated on replacing the healthcare industry's "patchwork of disparate point-solutions" that cause major inefficiencies.
$20B
annual provider spend to contest denied claims
cloud-native
A key differentiator for Waystar is its deep connectivity with over 500 channel partners, making its solutions easier to implement and harder to replace.
ERPEHR
Waystar faces compliance obligations under Bank Secrecy Act and data privacy laws.
Operating in the healthcare payments space subjects Waystar to a complex web of regulations, including BSA/anti-money laundering laws, creating a continuous need for investment in compliance, security, and monitoring technologies.
cybersecurity
Waystar's platform is built on a modern, cloud-native, microservices architecture
The company's entire platform is built in-house on a modern, cloud-native stack, which it highlights as a key differentiator against competitors.
cloudcloud-nativemulti-tenancymicro-services architecture
Waystar reports a history of net losses, highlighting pressure to achieve profitability.
The company's stated history of unprofitability creates an imperative to improve margins and operational efficiency, making them receptive to solutions that can reduce costs or optimize financial performance.
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Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .